Actual value for insurance

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MalcolmS
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Posts: 11
Joined: Thu Mar 22, 2018 7:58 pm
B190 Year: 1995

Actual value for insurance

Post by MalcolmS »

I'm about to insure my 1995 and I'm wondering how to get the insurance companies to recognize the true value of a nice B190, or for them to come up with an "agreed value"?

I have an extremely clean and low mileage B190 which I'm about to add another $10k in upgrades. But when I'm getting quoted from the insurance companies, they are giving me words like "cash value and "bluebook" value. Basically they are telling me I can state whatever value I want and will pay higher premiums as that stated value goes up, but in the unfortunate event of a total loss, fire, theft... they will only pay the blue book value which I believe is no where near what these are worth or what I will have into it.

Kelly Blue Book does not do RVs. There is a "Recreational Vehicle Bluebook" online but they want to charge me for what they determine to be the value and I have no idea if they are relevant to insurance claims? Then there is Nadaguides but I don't get what they are saying as they came up with a suggested list price of over $40k+, and and average retail of about $7k which is less than half what I paid for it.

Has anyone here really investigated what their insurance would pay-out in the event of a total loss/theft? It might not be what you think it is unless you have an "agreed value" which is rare term to find in writing when getting insurance, unlike "stated" or "actual cash value" which you get hosed if you have a total loss with specialty vehicles such as these.
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skater
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B190 Year: 1991
WBCCI: 13270
Location: Annapolis, MD

Re: Actual value for insurance

Post by skater »

Yeah, you'd need an agreed value policy. This comes up for people restoring vintage Airstream trailers, too - they'll dump $40K into a reno (still cheap when you consider the price of a new Airstream), then have to find an agreed-value policy for it.

I did a quick search on Google and Blue Sky and Progressive both came up near the top of the results.
1991 Airstream B190 - bought, 2005; sold, 2011; bought 2017
1995 Airstream Excella 30' trailer

WBCCI #13270, Washington, DC Unit
MalcolmS
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Posts: 11
Joined: Thu Mar 22, 2018 7:58 pm
B190 Year: 1995

Re: Actual value for insurance

Post by MalcolmS »

I just got off the phone with a Broker in Southern California through RV America and I learned something very important. If you purchase a really nice B190 and/or put lots of money into it, you are most likely under-insured if you do not have an "Agreed to Policy". And I'll bet 99% of polices are not "Agreed to". I was quoted a rate from them that was with Progressive Insurance. The rates are fine but the coverage is not there. No matter how much you "state" that you paid for it, or what its "cash Value" is, in the unfortunate event of a total loss or theft, they will only pay you Blue Book which they told me is between $6000 and $7000 for these B190s regardless of their condition. I was told the only way I can get "Agreed Value" and coverage for what the RV is really worth is by getting a real written appraisal (from an appraisal company not am RV dealer) and send that to the insurance company. So those who are Pimpin there B190s might want to think about their policy.
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mountaindent
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Joined: Tue Sep 26, 2017 9:06 pm
B190 Year: 1992
WBCCI: 19000
Location: Black Mountain,NC

Re: Actual value for insurance

Post by mountaindent »

Progressive Insurance did not want the itemized list of improvements before writing the policy. I just have all the documentation in case I have a real claim. I did exactly what Skater was talking about and got an agreed value quote and policy. I could have gotten a higher one but, decided $15,000 was ok for now.
MalcolmS
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Posts: 11
Joined: Thu Mar 22, 2018 7:58 pm
B190 Year: 1995

Re: Actual value for insurance

Post by MalcolmS »

"Progressive Insurance did not want the itemized list of improvements before writing the policy. I just have all the documentation in case I have a real claim. I did exactly what Skater was talking about and got an agreed value quote and policy".

You might in fact have an "agreed value policy", but unless you see the words "agreed value" written into and next to the dollar amount in your policy, you probably do not have one. They tried to sell me a policy which sounded like and agreed value policy but it wasn't.

I went back and forth a few times with my online quote because they were not putting in the value of the van which I have into it (with improvements). They finally let me raise the value to whatever I felt my van would be worth after improvements which also raised my premiums. They said in the case of a loss, I would need detailed receipts for any improvements I made, and implied that I was getting and "agreed value" policy. But when I read over the policy, I could not find "agreed value" written into the policy. I called a supervisor who came clean with me and said it's not really an agreed value policy, but rather it's an "actual cash value" which means nothing in a total loss as they will only pay out the Blue Book amount which is between $6 and $7K for these vans. The only way they would sell me an "agreed value" policy" was if I have the van professionally appraised first.

It's not impossible to get an agreed value policy, and maybe this happened to me because of the method I used to sign up (Progressive through RV America). It's possible Progressive wrote "agreed value" policies to some on this forum, but from my experience doing this now, they were willing to take whatever "stated value" I wanted to place on the van, along with the higher premiums which come with that value, but in the end they go off blue book in a total loss, so I would have been throwing away money with those higher premiums.

The Supervisor finally told me to insure it for $7000, because that is all I would get in a total loss, regardless of what I think it's worth. He then told me if I want to protect my investment and insure it for the value it really is, I need to get it appraised, send in the appraisal report, and then they could write an agreed value policy.

My main point is that these vans are fairly rare and the price reflects that when trying to purchase a really nice one. I had no idea until now that insurance companies only see these being worth $6 - $7k, so if you think your van is worth significantly more, my advice is to read over you policies carefully or call your agent to see what you are really covered for in the case of a total loss or theft.
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mountaindent
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Joined: Tue Sep 26, 2017 9:06 pm
B190 Year: 1992
WBCCI: 19000
Location: Black Mountain,NC

Re: Actual value for insurance

Post by mountaindent »

I will check with my policy and make sure the amount is truly the agreed upon amount. They certainly charged me more for that new policy so thanks for having me double check.
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skater
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Joined: Thu Mar 08, 2007 1:00 am
B190 Year: 1991
WBCCI: 13270
Location: Annapolis, MD

Re: Actual value for insurance

Post by skater »

I wonder how one becomes a professional appraiser for RVs. :)
1991 Airstream B190 - bought, 2005; sold, 2011; bought 2017
1995 Airstream Excella 30' trailer

WBCCI #13270, Washington, DC Unit
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